An Update From Betfair

Betfair has finally provided an update on how things are going with exchange wagering so far: http://www.drf.com/news/betfair-encouraged-initial-response-exchange-wagering-new-jersey

It's a bit tough to tell how much of the volume on the exchange is new volume.  The key metric is that about one third of volume is coming from users who were not previously using 4NJBETS.  But what exactly does that mean?  It sounds as though it could mean that one third of volume is split among completely new bettors in NJ and bettors in the UK who may have already been betting on the exchange, while the other two thirds are bettors in NJ who were already on 4NJBETS.  Or maybe the article got some nuance of the quote just slightly wrong and it was meant to convey something completely different.  It's hard to tell, and there certainly isn't enough data yet to know how the financial impact of the exchange is shaking out so far.

All we really know is that liquidity is pretty good (better than I expected at this point), that user feedback is positive and that the technology appears to be working well